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February 28, 2013
12:37 EDTFIOFusion-io advances after Mizuho begins coverage with a Buy
Datacenter solutions provider Fusion-io (FIO) is climbing after Mizuho Securities analyst Abhey Lamba initiated coverage of the stock with a Buy rating and $22 target in a note to investors earlier today. At the end of January, Fusion-io provided much lower than expected fiscal 2013 revenue guidance. However, the company's fundamentals are strong and its recent weakness creates a buying opportunity, Lamda thinks. The company has a number of competitive advantages in the server-side flash storage market, the analyst explains. Specifically, Fusion-io's technology enables it to offer the most comprehensive suite of solutions that are made to accelerate datacenter traffic and increase the efficiency of applications, the note stated. Although the company has relatively few customers and that situation could weigh on the stock in the near term, it should report stronger than expected fiscal 2014 results, enabling shares to advance, according to Lamba. Fusion-io's stock could reach the mid-$20s, added the analyst. In early afternoon trading, Fusion-io rose 75c, or 4.65%, to $16.87.
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